Evening Star Newspaper, August 1, 1926, Page 96

FINANCIAL. When You Need a Loan | Think of Welch, Realtor Loan Specialist Money to Loan At 5% and 6% Interest Before Flacing or g Your . Gt Weleh's Figures . Beasonable Charges (No Extras) h & N. Y. Ave. Main 43464347 1926—PART 6. BOND TRADING DULL, WITH LITTLE CHANGE Stiffening of Money Conditions In- tensifies the Usual Summer Season' Inactivity. THE SUNDAY STAR WASHINGTON, D. C., AUGUST ‘l, LOCAL BANKERS ARE PLANNING TO ESTABLISH CREDIT BUREAU Co-operation Existing Between Institations—Sue- cess of Present Project Assured—Important * Changes in Bankruptey Laws. ¢ FINANCIAL BOND PRICES GAIN | BOND SUMMARY FOR THE WEEK *STABLITY I WEEK 101 1 101-10 327 102- 4 102e8 386 Selling Comes to .an End. WANTED TO BUY gonge, == » 1 in Wateldog Corporation of Washington, D. C.: state cash price for quick sale. LOUIS ALTER, 3. L. McCormack & Co., Broker, 5 Nassau 8t., New York Oity. gt 2 BT LI e Sonsgil Walier SAWEE LR TR 1 Blds. 19 Tiine Low.” U. S. BONDS. High. 10115 99+10 Liberty 338 1932-47 101-10 102-26 101-21 Liberty 1st 438 1932-47.. 102.8 100-81 100-17 Liberty 24 438 1927 +. 10028 101-16 100-26 Liberty 3d 4145 1928 101- 9 10840 101-29 Liberty 4th 43{s 1933-31.. 10221 102+ 1 108-20 106-9 Treasury 4145 1947-52.... 108« 107-21 107- Prov. week's Close. High. Low. 99% 100 99% 1925—— High. Low, 10129 99-15 10230 101-1 10119 100-16 1021 101-1 1039* 101-20 10810 104-13 5 Low. . 100-28 100-24 873 10 101-7 872 102-15 8 585 7 872 =1 High, 2Tk 95 w. * FOREIGN, 961 Argentina 63 A-95% Institutions Cautiously Filling Needs. BY GEORGE T. HUGHES. Special Dispatch 1o The Star NEW YORK, July 31.—The in' the investment market was mark: ed a stabilizing of bond prices after the reaction earlier the month. There were no striking ad vances, but, on the other hand, the selling which had been so effective in depressing quotations came to an end. * Financial institutions appar ently had reached the conclusion that prices were as low as they were likely to, go for some time and so cautiously set about filling thelr needs. There was no change in the money situation Il funds were remark- ably easy up to the very close of the week, when the month-end require- ments brought about some calling of Joans and a stiffening of the rate. This, however, was only an incident. It could not even be ribed to the wild speculation in which, more than is usually 1se, was financed without undue demands upon the banks, Time Money Firm. Time money continued firm just as it had been when the reaction in bonds commenced, but the effect had worn off and bonds steadied. The weekly statement of the Federal Re- serve banks showed only a_ moderate increase in inquiry for funds for commercial purposes. Tt is reason- able to expect, if the Fall trade turns out to be as good as now anticipated, that money will be a little higher, but that is not nec adverse to bonds. Commodity remain about the same, advances and de clines neutralizing one another Trading fell off in volume as at- tention was diverted to stocks. This has been the rule throughout vear. It was noticeable this week, nevertheless, . that prices were not fnfluenced unfavorably when dealing slackened. There was simply an ab- gence of that speculative buying s generally part of the day psactions in bonds as well week by in se of the week there were signs of increased interest in speculative railroad bonds. The field for this sort of operation is much narrower than it was a ago. Steady improvement in earnings has lifted securities of many roads out of the speculative class into the invest- ment list. There are still a number of income and adjnstient bonds, on which interest ments _are a oun tingent charge, which offer epportu nities for market price appreciatfon on that these are not as ac they were last Winter is be cause the stocks apy so much more attractive speculatively Statements Exceed Expectations. However, that may be, income state. ments of the raflroads as a whole have exceeded expectations, and to that extent higher prices for their mecurities are justified. It is estimated that the aggregate earnings of class 1 ropds for June, will establish ‘a new record, mot only this vear, but for that month for all time. If the present calculations prove correct the carriers as a whole will come near earning at an annual rate of 6 per cent on valuation. There are exceptions here and there, but_they ave not important. Even the North western ¥ the weak spots in the railroad s tem. have made striking gains. New financing has not been in ps tioularly large volume. The bond offerings amount to 000.000, compared with nes 000,000 the week before and $: 000 in the corresponding week 19%5. Most of the new issues have been well absorbed. In fact, all dur. ing the recent reaction new offerings found a ready market, and there are less than the usual number of undl gested issues threatening the price level. Anything with a conversion privilege has been in specially good demand. There have heen 8o many in the last few years of large accruing to buyers of bonds carrying calls on stocks that the speculative appetite for all such has been whetted. There is some danger along this line, for corporations do mnot offer bonds earrving conversion privileges with out putting a price®on that oppor- tunity, and whenever there is a chance of speculative profit there is ‘also a chance of speculative 10ss, Foreign List Drags. The foreign list has dragged along all the week without much change. Prices have hung around the highs of the recovery which set in after France had made a start at straight- ening out her tangled finances. On the other hand, they have not gone higher because investors are waiting to see whether the Poincare cabinet will succeed in its efforts. More or less, too, the course of French bonds has a sympathetic effect upon other Furopean securities. The outstanding exception is the Gierman 7 per ecent international loan, the dollar issue of which went to a new high record on the stock ex- ehange during the week. So far in Vestors have not been disturbed by the agitation on the other side about conclusion of war debts. Anyway, that is not a factor that affects South American obligations, which have been consistently firm. ek COTTON GOODS ACTIVE. Sales Slightly in Excess of Produc- tion in Past Week. NEW YORK, July 31 (P).—Sales of cotton goods during the week were in excess of current production hy a small margin, but production is now being increased. Burlaps were steady with buying confined to imme- diate needs. The expansion looked for in wool goods after the openings of fancy worsteds for Spring s based upon the very moderate provi- gion on staple goods made thus far and the clean stock conditions due 1o long curtallment. The closing of Japan raw silk markets for holidays left lpcal traders indisposed to force goods and little price change was re- ported. Silk goods were quiet. The linen dgmanc~continued light. GOLD MOVEMENT LIGHT. NEW YORK, July 31 (P.—The old movement at the port of New fork was unusually light for _the month of July. Imports, which dime almost entirely from Latin America, totaled slightly more than $500,000, the Federal Reserve Bank reported. Exports amounted to $1,300,000, most of which went to Guatemala, the Straits Settlements and Mexico. Over- jand shipments of $3,000,000 were received from Mexico and exports of $2,500,000 were made to Canada. Just at the cl With respect to the origin of the | Sew 98 familiar parting salute, “So long,"” rived from the .Norwegian, * Laenge,” & common form of farewell, equivalent in meaning to “au revoir,” _and pronounced like “so long,” with " the “g" softemid. g the | ds, which have long been | 108% 9% 1013% 8815 110% 1084% 8914 103 104%; 103% 108% 110 1104% 51% 100 102% 05 105 1043 101% 106 102% 89% 05% 907% 89% l 89% 109% 81% 107% 112% 98% 104% 2% 924 106 165% 119 107% 104% 9974 107% 105% 91 100% 103 94 97 111% 93% {102 108% 100 105 1084 111 121% 102% 104% 911y 954 110 {109 102 115% 104% 99 108% 108 99 { 100% 105 {101 | 95% 129 106% 104% 91% 108 106% 98% 102% 112 100 92% 9dve 91% 95 i 94 1103% 903 98% 92% 11%% B1% 90 98l 93 143 58% 103%2 279% 68% 603 290% bbbl P ! 112% 88 B9% 94% 118% as3k 104% 107% 96% 89 104 86% 70 93% 6% 68Ys 88% 92, 82% 104% 18 51% 101% 69 96% 86% 101% 26 934 835 106% 106% 80 95 1013 101% 101% 106% 106 40% 94% 101% 9% 98% 98% 93 98% 98% 79 90 88 80% 80 1025 0% 101% 109 934 100 82% 84% 108, 100% 115% 104 94% 95% | 103% 100 97%, 100% 920 9% 105 8% 94% 106% 94% 97% 100 107% 119 99% 101 82% 87% 101% 12 100! 95 106 967 931 92t 101% 96 88 1067 102 100% 85 1044 1044 91 3 109% 102% 83% 95% 824 116 Kt 86% 94% 8T% 100% T1% 69% 44 106% 73% 884 91k 116% 6% 102% 104% 90% 834 101 82 56 86 10 61% 100% 108% 34% 90% 85 ‘ there is a suggestion that it is de-[108% 100% 'San | “98% 94% 635 0% 81 100% Argentina 78 1927. 96% Australian Govt 6. 100 Austria 73 1943. 811 Belgium 68 1955 106 Belglum 73 s 1945 105% Belgium 8s 1941 814 Bordeaux 6s 1934. 100% Brazil 8s 1941. 102% Canada s 1952. 101% Canada 5%s 1929, 100% Chile 8s 1826 107% Chile 85 1941 4 107 Chile 85 1946. .. 5 1014 .107 s 100% W 106% 39% Chinese Govt Ry 68 1951. 98 Copenhagen 51 1944 98% Czechoslovakia 851951, 102 Denmark 65 1942 103% Dutch East Indies 68 1947, 103% Dutch East Indies 65 1962. 92} French Govt 73%s 1941... 98% French Govt 8s 1945 101% German 7s 1949. ... 78% Holland-American s £ 65 1947 92% Japanese 638 1954: . A Jergens Utd Margarine 65 1947 81% Lyon 651934. ... 8135 Marseille 65 1934 1064 Netherlands 6s 1972 73% Paris-Lyon Med s 1 104% Queensland 6s 1947. 110% Queensland 7s 1941 9714 Rio de Janeiro §s 19 1023 Sao Paulo, State of, 85 1936 85 Seine, Dept of, 7s.... .. s §7 Serbes, Crotes, Slovenes 85 1962. 103% Sweden 631939 ... 1023% Swiss 545 1946. 117% United Kingdom 5% s 1929. 103% United Kingdom 5 s 1927. INDUSTRIAL AND MISCELLANEO! 103% Amer Agri Chemical 7%s 1941. 99 “Amer Smelt & Ref 1st 65 1947. 107 Amer Smelt 1st 65 1942..... 102% Amer Sugar Refining 6s 1937 967 Amer Tel & Tel cl tr 481929, 100% Amer Tel & Tel cl tr 55 1946 101% Anaconda Copper 6s 1953 102% Anaconda Copper cv deb 7s 193! 90% Armour & Co 438 1939. % 99% Atlantic Refining deb s 100% Bell Tel (Pa) ref 63 1948. 929 Bethlehem Steel p m 55 19 9514 Bethiehem Steel 8 f 65 1943 106% Chile Copper 65 1932..... 784 Cons Coal (Md) 18t ref bs 1950 921 Cuba Cane Sug cv deb 85 1930... 107% Detroit Edison ref 6s 1940. 92% Dodge 6s 1941 Empire Fuel & Gas 7%s 1937 Goodrich (B F) 68 1947 Goodyear Tire 8s 1931 Goodyear Tire 85 1941 Humble Ol & Ref 5% Indiana Steel 55 1952. ... Inter Mer Marine 6s 1941 Inter Paper 58 B 1947.. International Tel 58 rets. Kelly-Springfleld 8s 1931 Lackawanna Steel 58 1350.. Liggett & Myers 5s 1951. Manati Sugar s £ 7%s 1943.... Midvale Steel 55 1936....... New England Tel 58 1952 N Y Edison 1st 635 1941. NYGasELH& P 58 1948 Y Tel 4%s 1 N Y Tel 63 1941. North American Edison Pacific Gas & Elec 53 1942, Pacific Tel & Tel §s 1962, Philadelphia Co ref 6s 1944 Public Service 6s 1944. Sinclair Oil 75 1937.. Skelly 6% 1927. . : South Porto Rico Sugar 7s 1941. United Drug 65 1944...... U S Rubber 15t & ref 63 1947 U S Rubber 71s 1930 U S Steel s £ 55 1963 Utah Power & Light 58 1944. Va-Carolina Chem s f 7s 1947 Western Union Tel 615 1936 Wilson & Co 1st 65 1941... RAILBOAD. 893 Atchison gen 45 1935. . ......... i 92 Atlantic Coast Line 1st 48 1952.... 89% Balto & Ohio gold 4s 1943 . 94 Balto & Ohtocv 4%s 1933 933 Balto & Ohio ref 53 1995. 102% Baito & Ohlo 65 1929.. . 89% B & O Pitts LE& W Va 451941, 98 B & O Southwestern Div § cfs 60 92% Brooklyn Manhat s f 63 A 1968 117 Canadian Northern 6%s 1946 80% Canddian Pacific deb 48 89% Central Pacific 45 1949. o 97% Chesapeake & Ohio cv 4145 1930... 92 Chesapeake & Ohlo gen 4%s 1992.. 104 109% 120 101% 102% 84% % 1023% 96% 99% 96% 93% 115 104 9% 1074 101% 9% 98% 103% 100 93% 129 107 103% 9% 105 95 105 111 95% 1014% 100% 98% 98l 102% 101% B5% 84% 107%.108 107% 107 83% 104% 104% 1014 100% 108% 108% 109 108 40% | 40% 100 99% 108% 102% 104% 103% 106 - 106% 106 105% 95% 9% 5 102% 101% 106% A04% 821 82 971 96 106% 106% 86% 84 851 884 108% 74 106% 104% 100% 108 108 974 3 1024 & 103%+103% 1074 106% 914 90k 101 100% 102% 102 97% 96% 101% 100% 107% 107 8265 Bl% 95% 94% 108 107% 95% 96% 103 124 Chesapeake & Ohlo cv 55 1946..... 13 51% Chicago & Alton 3%s 1950. . 102% Chi B & Quincy 1st ref s 1971, 731 Chi & Eastern 111 gen 65 1951 6434 Chl Great Western 4s 1959 484 Chi M & St Paul cv 4155 193 90% Chi M & St Paul gen 414s 1989, 484 Chi M & St Paul ref 4158 2014..... 474% Chi M & St.Paul cv 58 2014......% 111% Chi & Northwestern 6355 1936. 86% Chicago Railways 58 1927. 874 Chi R 1 & Pacific ref 45 1934. 94% Chi Union Station 43%s 1064. 115% Chi Union Station 6345 1963. .. 81 Chi& Western Ind con 4s 1952 102% CCC & St Liref 68 A 1929... 105% Cleveland Term 548 1972. 10° 95% Colorado & Southern 4%s 1935.... 88% Cuba R R bs 1952. 102% Delaware & Hudso: 86% Den & Rio Grande con 48 193 62 D&RG West bs 1956. . 90 Detroit United 4%s 1932 74% Erie 1st con 4s 1991 64 Erie gen lien 4s 199 68 Erlecv4s A 1963. 734 Erie cv 4s D 1953, 9715 Fla BECb874. .. o 106% Grand Trunk s f deb 65 1936. 114% Grand Trunk %5 1940...... 102% Great Northern gen 5%s 1952. 110% Great Northern gen 751936 921 Hudson & Manhattan ref 5s 75% Hudson & Manhattan adj 58 1967. . 102% Illinois Central 5%s 1934. .. 62 Inter Rapid Transit 65 1966. 86% Inter Raptd Transit cv 7s 1932 66 Inter & Great Nor adj 6s 1952. 89% Kan C Ft Scott & M 4s 1936. 74 Kansas City Southern 3s 1950. 98% Kansas City oSuthern 5s 1950. 98% Lake Shore 4s 1928. . 96% Lake Shore 4s 1931. -98% Louis & Nash unifled 106 Lobuis & Nash 1st ref 53s 20 89% Mil Elec Ry & Lt 1st ref 5s 61. 102% MStP&SSM6i%4s1931.. 84% Mo Kan & Tex 1st 45 1990, 90% Mo Kan & Tex adj 58 1967. 964 Mo Kan & Tex pr In 5s A 1962. 65 Missourl Pacific gen 4s 1975 96% N O Tex & Mex Inc 5s 19356 941 New York Cent deb 451934 101% New York Cent ref imp 68 2013. 4 106 New York Central deb 6s 1935. N Y West & Boston 4%s 90% Norfolk & Western con 4s 1996. 138% Norfolk & Western cv 6s 1929. 61% Northern Pacific 3s 1947. 861 Northern Pacific 4s 1997 108% Northern Pacific ref imp 6s 2047 967% Ore Short Line ref 45 1929. 105% Ore Short Line gtd 65 1946 88% Ore-Wash 1st ref 4s 1961. - 94% Pennsylvania gen 43s 1965. 19 101% Pere Marquette 1st 55 1950. 94% Reading 4%897.......... 74% Rio Grande Western clt 45 1949 88% REATK &L 48 1934, -2+ 89% StLIM&SR &G 451933 77% StL & S vr In 43 A 1950 93 StL & San prin 58 1950.. ... 99% St L & San Fran 5%s B.1942 92% St L & San Fran adj 63 195 823% St L & SanFran inc 63 1960. . 69% Seaboard Alr Line ref 4s 196 76 Seaboard Air Line adj 55 1949 91 Seaboard Air Line con 6s 1945 '96% Southern Pacific cv 4s 1929. 85 Southern Pacific col 45 1949 90 Southern Pacific ref 4s 1955 81% Southern Ry gen 45 1956 % 104 Southern Ry 1st b5 1094 100% 112 - Southern Ry dev 6%s 1956. . . 41% Third Ave adj 6s 1960. 921 Union Pacific 1st 45 1947 99% Union Pacific ev 4s 1927 99% Virginian Ry 1st 55 1962 1013 Wabash 1st 55 1939 99% Wabash 5%s 75. 66% Western Maryland 95% Western Pacific 55 1. W 86w 831 West Shore ist ds 2361, .4 103 104% 100% 108% |, 104 98 102% 103% 106% 91 100% 102% 97% 101% 107 82 91% 107% 95% 103 108 9% 158% { 5% | 88% 1% 98 105% 86% o7T% 106% 107% 175} 66% £4% 99! 102% fsBank of Georgetown, { banks and trust xompanies. | the % % | May 29, wil 1, | compositions- offered are not 5. that théy do not disclose all the pay-|. BY 1. A. FLEMING. 2% For years the bankers of this eity have discussed the establishment of a credit -bureau for the exchange of mutual information on the matter of credit standing or rating. At every convention the matter has been given some consideration, but nothing de- veloped looking toward its actual es- tablishment. Nearly every time the matter was mentioned Mr. Columbus, late secre- tary, of the Merchants and Manufac- turers’ Association, would proffer the credit service of that organization as an afd to the bankers, but 4o far as known its ald was never solicited. Probably the petty jealousies be- tween bankers, as they existed 10 vears ago, ‘the indisposition to glv- ing\information to a competitor, was the reason no attempt was made to start a eredit bureau. Now, however, conditions have changed, bitter competition has given place to co-operation and a disposi- tion to aid one another at the ex pense of fraud. * Tt is probable that the current year may see the bankers’ credit associa- tion in active operation, with prac- tically every bank in the city in full harmony and sympathy with the movement and benefiting from it. Today it is possible for one bank to obtain information from another regarding an applicant for credit ac- commodation, provided the bank in- terrogated 1s in a position to supply it. Harry V. Haynes, president of the Farmers and Mechanics’ National and Victor B. Deyber, president of the Second Na- tional Bank, propose to give the mat- ter their closest attention in an ef- fort to get the bureau underway be- fore the exodus of many bankers to the A. B. A. convention this Fall. Will Covér the City. It is the intention to include all borrowers at banks in the orgapiza- tion’s reports, so that any bank may know at a short notice the responsi- bility of a borrower, whether extend- ed as to credit in other institutions, etc. At the present time every bank keeps its own credit files, and will probably continue to do so right along. Every bank asks merchants, manu- facturers, etc.,-in filing application for a credit line, to furnish a state- ment of actual condition. These statements are prepared on forms which set forth in detail the assets and liabilitles of the applicants, including stocks, accounts receivable, notes and acceptances outstanding, accounts and potes receivable, cash in bank, real éstate owned, furniture and fixtures, annual net income, sal- arles paid, bad debts charged off. net profit, ete, for a stated fiscal year; in fact, a digest of actual condition, in proper form, assets on one side and liabilities 6n the other.® 1n addition, there are a number of other questions that are asked, to wit, insurance carried, mortgages owned and their character. informa- tiori on indorsers of firm or corpora- tion paper, full list of borrowings at other banks, etc., all of which the would-be borrower is supposed to fur- nish as a basis on which his credits are granted. 3 The collateral borrower avoids all this. He is very welcome at all the There is usually a market for the sale of his collateral immediately and an es- tablished value, so that there is no risk in lending on: collateral, where the bank knows both the collateral and the borrower—that the former is marketable at a price and that it is not part of a looting expedition. Changing Methods. Formerly the trust companies, of city made no loans unless se- cured by collateral or real estate mortgages, the great majority of their notes being secured by real estate trusts, invarably, first trusts. The acquisition of the Home Sav. ings Bank by the American Security & Trust Co. gave the latter a large line of commercial accounts. Of late the Washington Loan & Trust Co. has *| expressed a readiness to do business with merchants and the Merchants Bank & Trust Co. has a line of com- mercial accounts. 1t is probable that the Unlon Trust Co. and the National Savings & Trust Co. are the only banks in this group that stick closely to the old-time exclu- sive collateral loans. The Munsey Trust Co. and the Con- tinental Trust Co. probably carry business accounts. Banks Check up Statements. Naturally the banks do not accept all statements furnished by would-be borrowers without investigation. In so far as it is possible they check up with other banks, both in and out of the city. A statementdoctored by the maker to show larger assets than actually possessed would make the signer Ha- ble for obtaining money under false pretenses and this in itself prevents many exaggerations. ‘An-effort will be made to list in the credit bureau all borrowers whether in business, professional. men and women, as well as Government em- ployes and the general public excent those that never rent money from the places where they keep it to let. In one respect the credit service of the Merchants’ and Manufacturers’ |- will be of great value to the bankers, and that is in checking personal credits of this city, for Washington, as a credit center, is one of the most generous in its treatment of borrowers. i Changes in Bankruptcy Law. Important changes in the national bankruptcy law, passed by Congress May 19 and signed By the President Il become effective with August 27 of this year. The American Institute of Ac- countants describes the changes in the law—referring also to the ‘minor changes in the- present law, that of 1898, as unimportant, up to the latest amendments, caiculated _to curb. crooks and to aid honest bankrupts. The present law is said to.be lacking in criminal provisions; it does not prevent collusion by friendly or fic- titious creditors at. the request of the debtor; it permits fraudulent compo- sitions and easy discharges from bankruptcy. Nearly. all the objections and ills will be prevented by the new general Association 1% orders in_bankruptey by the United States Supreme Court' and the amendéd law. “A new general order of the Su- Preme Court requires that petitioners in involuntary cases, whose claims have been obtained by assignment, make affidavit as to the consideration paid for the assigned claims. As col- lusive petitions usually rest on as- signed ' claims, this new order may eliminate this evil. Another order prohibits the employment by recelvers and trustees of attorneys who are in any way connected with the bankzupt. “A section in the amended law’ Dro- vides for the payment, from the estate, of the expenses of ereditors who. in- vestigate and successfully oppose ’_le‘nw ¥ firmation of a composition. ‘his new section is intended to aid cred!- tors who have reason to belln_ve‘ thrx r, in ments to be. made by a debtor or |is materially strengthened by the amendatory act. If a bankrupt can be shown to have mutilated, falsified or concealed any book or record, re dless of the intent of the act, & discharge may be refused. It a bank: rupt obtains credit or an extension of credit, on a materially false financial statement, which is published through any agency, a discharge be re- fused. Likewise, if a bankrupt fals to account satisfactorily for assets, he may be r&psed a discharge. “Many of the amendments are almed at these defects. Offenses are more carefully refined, in response to suggestions from prosecuting officers, and several additional offenses are enumerated. The perfod of possible impriscnment for violations is increas- ed from two years to five years, for a serfes of eight specified acts, three of which are new. The time in which prosecution of apparent offenders may be undertaken is extended in the amended law from one year to three. Avoid Needless Delays. “Under the amended act, adjudica- tion as a bankrupt and administration of the estate may not be delayed by the mere making of an offer in com- position, unless the court is satisfled the estate will not deterforate. A uniform time of 30 days for taking appeals is set, and the time for prov- ing claims is reduced from one year to six months. “No amendments to the bankruptcy act are designated to meet complaints of excessive cost, but several of the new general orders of the Supreme Court put limitations on expenditures from estates. By the terms of these orders receivers shall be paid fees of custodians only, unless their- duties and compensation are specifically en- larged by order of the court; attor- neys, receivers and trustees seeking allowances for services must describe in detail the services perfermed and must swear that the fees are not ta be ‘split’ with any one. The amount of compensation of auctioneers, ac- countants and appraisers must be fixed definitely when they are employed. “Payment of certain estates is curtailed. “No more than one discharge from bankruptcy, regardless of whether the case {8 voluntary or involuntary, shall be granted within a period of six ars. Heretofore discharges in vol- |untary cases were limited to one in six years, but there was no limit on discharges in involuntary cases. “Payment of wages is given priority over payment of taxes. “The amendatory act will govern proceedings, so far as practical and applicable, in bankruptey cases pend- Ing when it takes effect; but proceed- ings pending when the law takes ef- fect, to which the provisions of the amendatory act are not applicable, shall be disposed of in accordance with the prior law,” the institute conciude: CHICAGO LIVE STOCK MARKET CHICAGO, July 31 (United States Department of Agriculture).—Cattle —Receipts, 1,000 head; compared week ago, heavy fed steers and fleshy grassers, 25 to 50 off; mostly 50, the lowest since the Fall of 1924: trade glutted; yearlings, steady to 25 lower, selling 50 to 75 over comparable grade heavies; choice heavy grades, 9.75: yearlings, 10.50; extreme top yearlings, 10.65: most grass steers in stocker flesh, steady; y demand broad for light- best grass cows predomi- she stock: steady to 25 lower; all cutters sharing decline; heifers fully steady: Bulls, 25 to 40 off: vealers, 50 lower; bulk prices 5 slaugh- tockers 00; fat cows, 4.50 6.50a8.75 calves, taxes from nating ter grass steel and feeders 00 6.25; slaughter heifers, all cutters, 3.25a4.00; veal 12.00 to 13.00. Hogs-+Receipte, 3,000 head: gener- ally steady, uneven, packing sows strong to 10 higher; light weights showing best action; top, 13.75; bulk desirable, 160 to 210 pound weights, 13.30a13.65; most 240 to 325 pound butchers, 12.00a12.90; bulk slaughter plgs, 13.25a13.40; most packing sows, 10.15 to 10.50; heavies downward. to 10.00 or below; light welghts on the butcher order mostly 10.75a10.85; ship- pers took 1,500; estimated hoidover 1,000; the average cost for Friday was 11.90; the average welght was 267 ‘pounds. Sheep—Receipts, 1,000 head; practi- cally none on sple today; fat lambs, 50 to 66 lower for the week; culls, 76 to 1.00 lower; sheep, 25 to 50 higher; yearlings, weak to 25 lower; feeding lambs, 25 to 50 lower; week's top fat range lambs, 14.95; native lambs, 14.40; fat yearlings, 12.00; fat ewes, 7.50; feeding lambs, 14.00; bulk prices follow: Fat range lambs, 14.25a14.85; natives, 13.50a14.25; cull natives, 10.25a11.50; fat ewes, 5.50 a. 7.25; feed- ing lambs, 13.00a14.00. Second Trusts il Baye a number of clicats who tnvest, in security ~ thro iy, Oferinrs invitea, | an v ofies WM. H. KYLE Room 15, 1410 G St. N.W. WE FINANCE ~—a1! classes of income-producing property e a i Current int. rate and commission Higbie & Ri 816 15th-St. N.W. Estate Loans Apartment Houses Inc. e, T Hin 2 The Capital Reaity ¢ +Insurance Bldg. 10th ‘bankrupt. " iTTie sotion of the lax defining e which, if committed by ® bank- By the Associated Press. NEW YORK, July 81—The bond market today drifted through one of the dullest trading sessions of the Summer, with virtually no change in the general average of prices. The stiffening of money conditions at the close of the month intensified the || usual Saturday lull in activity. The only conspicuous feature of the day’'s dealings, which aggregated little miore than $3,000,000, was a rally of 4 points in Brooklyn Union Gas 6%s, carrying the price to a new high level for the year above 160. The buying, which followed a rise in the company's stock, was based on prospects of a favorgble decigion in pending rate cases. “‘Railroad llens failed to keep pace with the upward movement of"the carrier shares. Denver and Rio Grande Western b6s held near their 1926 top price, and St. Paul refund- ing 4%s gained a point, but Balti- more and Ohio, Frisco, “Katy” and Missouri Pacific issues were heavy. Foreign obligations were firm in extremely quiet trading. French and Belgian bonds were fractionally higher and a brisk buying movement developed in Great Consolidated Power of Japan Ts. 18 FI ADMITTED. NEW YORK, July 31 (#).—The board of managers of the New York Produce Exchange, at a special meet- ing today, admitted 18 additional firms, several of them members of the New Yotk Stock and Cotton Ex- changes, to membership in the New York Grain Clearing Corporation. Trading in grain futures will n at 10 a.m. Monday. First Deed of Trust Notes Bearing 61,% Interest See WELCH Realtor Established 1899 15th and New York Ave. Main 4346-4347. No Loss to an Investor in 27 Years We Will Loan at 54 % Economic Conditions Tyler & Rutherford Loan Correspondent of the Mutual Benefit Life Ins. Co. Newark, N. J. 1018 Vermont Ave. M. 475 A lifelong resident of Washington. of natlonal seputation having a Thoroush Investization of @ bona fide mining proposition In prodacing ter- ritory. desires the eo-operntion of a few men of means to joln with in its development. _Offers splen: returns on money invested, For full patieulars address Box 33-K. Star office. WE PAY MORE INTEREST ON SAVINGS ACCOUNTS | Than Any Other National Bank | in Washington | | Interest on DAILY Balances Come In and let us explain ‘ Commercial Nat'l Bank | | 14th and G Streets Resources $17,000,000 R. GOLDEN DONALDSON, PRESIDENT - 6%% Gilt-Edge First Mortgage Notes Available In Amounts of $100 Up Secured On Improved City Property Mostly Medium Priced Homes Safety and Service Our Motto —with never a loss to a client of as much as a single penny, in either principal or interest. Send for Booklet CHAS. D. SAGER Since 1906 924 14th M. 36 Oldest National Bank in the District of Columbia - Open Until 5:30 Tomorrow, August 2d s Metropolitan e Capital, Surplus & Undivided Profits Over $1,800,000.00 15th ; S The Nw‘ka Life ‘Imumncc Co. Offers to Make First Mortgage Loans On Improved Real Ejtate in the Dis- trict of Columbia and Nearby Suburbs * in_ Montgomery County, Maryland FOR 3, 5 OR 10 YEAR PERIODS ON APPROVED SECURITY Apply RANDALL, B. HAGNER. & COMPANY Mon-raA‘on LoaAN GORRESPONDENT 1321 Connecticut Avenue Telephone Main 9700 Saturday Was Pay Day Let Monday Be Investment Day 3 Establish a Financial Surplus First Mortgage Notes are an ideal Investment Medium for people whose capital is a limited one, and when every dollar must produce an assured amount. And, unlike many mediums- of investment, they're never affected by fluctuating markets and industrial disorders. They Guarantee an Annual-Income of 6%% Over Twenty Years of Service Without Loss to a Single Customer MORTGAGE INVESTMENT DEPARTMENT 713 14th Street Invest From Salary For Greater Income The principal protection of steadily demanded local real estate; the production of de- pendable interest paid semi- annually—these are features offered your surplus funds in our 6%% FIRST MORTGAGES These securities have been the choice of successful in- vestors for a third of a century. Today they are offered to you on a plan of partial payments that helps you invest from salary. As little as $25 can be your initial investment. A Third -of a Century Without a Loss In amounts of $250 up. B. F. SAUL CO. Main 2100 925 15th St. NN\W. il 3% on Savings Security Developed By Over a Century of Service —will protect your PAYDAY and other funds, when you make The depository. {] Take a dollar or more from your current pay envelope and start saving, THIS PAYDAY with The OLDEST National Bank in the District of Columbia. : Trust Dept.—Safe Deposit Defpt. Traveler's Checks and Letters of Credst Metropolitan your National B‘ank Y;i::ZOld St., Opposite U. S. T : $